In response to Rick Perry's forthcoming flat tax proposal..

[kentuck]

Reportedly, he is going to announce his new flat-tax plan next week in South Carolina. More tax breaks for the wealthy.

I would like to announce a Democratic plan that is progressive. And it would not start at $250,000 dollars, which is in the top 3-5% taxpayers in this nation. I would start the bottom rate at 1 1/2 times the poverty rate. It would be 5%. With income at twice the poverty rate, the tax rate would be 10%. This would be progressive up to the 20% tax rate. Those between 100K and 250K would pay a 25% tax rate. Those between 250K and 500K would pay 30% income tax rate. Those making between 500K and $1 million would pay a 35% tax rate.

The tax rate would be progressive from $1 million to $1 billion dollars. It would be 39% for the person making up to a billion dollars. Those making more than that would be subject to a windfall tax rate up to 50%.

I don't expect a Democratic plan in response to Perry's flat tax but thought I would offer one anyway...

[PDJane]

1. The only complaint I have is that the tax rates are still too low.

Up to the 20% tax rate. After that, it should rise steeply to about 70%; it would cause howls, but it would actually do the job and decrease the deficit. At the level of multi-millions to billions, it would cause absolutely no dislocation and would move money into the public coffers.

[kentuck]

2. I would have no problem with that...

so long as we have a progressive tax structure.

[Name removed]

3. Deleted message

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